Just Group announces £1.5m full scheme buy-in with Intersil Limited Superannuation Fund

Monday 8th January 2024

Just Group announces £1.5m full scheme buy-in with Intersil Limited Superannuation Fund

Just Group has completed a £1.5 million full pension scheme buy-in transaction for the Trustees of Intersil Limited Superannuation Fund.

Intersil Limited is a subsidiary of Renesas Electronics Corporation, a Japanese semiconductor manufacturer. The Trustees were advised by Aon, a leading global professional services firm.

The transaction was completed in August 2023 using Pathway, Aon's and Eversheds Sutherland's solution for smaller bulk annuity transactions and Just Group's streamlined bulk quotation service.

Jo Myerson, Chair of the Trustee for the Intersil Limited Superannuation Fund, said:

"Insuring our members' benefits has been a key aim of the Trustee and Company, providing long- term security for their benefits. We were able to complete the transaction efficiently through a hands-on approach from Aon and the flexibility and responsiveness of all parties. As Professional Corporate Sole Trustee we were able to be agile in our decision making and therefore well- positioned to secure a good deal for the members in a busy insurance market where smaller schemes are not always first in the queue."

Geraint Jones, Business Development Manager at Just Group, said:

"We are delighted to have secured the benefits of the Intersil Limited Superannuation Fund, during an extremely busy market. Working closely with the trustees and their advisers, Aon and Eversheds Sutherland, we were able to conclude the transaction very efficiently by using our streamlined bulk quotation service. There is a vibrant bulk annuity market for schemes of all sizes."

Chris Dunford, senior consultant in Aon's Risk Settlement Group said:

"This transaction was small for the market but important for the client and completed during an exceptionally busy period because of the straightforward execution offered by Aon's Pathway service - designed for smaller schemes. This transaction shows how all schemes can successfully achieve their objectives if they approach the market in the right way."

-Ends-

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About Just

Just (Just Group plc) is a FTSE-listed specialist UK financial services company.

Just is a leader in defined benefit de-risking, individual retirement income, and care markets. We've completed around 350 transactions, including more than 80 buy-outs and around 50 repeat transactions across 40 schemes. We've secured the benefits of around 80,000 pension scheme members, since we launched our defined benefit de-risking proposition in 2012.

DB sales in H1 2023 were £1.429bn, a record first half for Just, up 149% compared to the same period in 2022. We completed 35 transactions compared to 14 in the first half of 2022. During 2022 we completed 56 transactions, one in four of all transactions completed in the market during this period, more than any other provider.

The £14.3bn of DB premiums we've secured have been invested to ensure we achieve the predicatble cash flow required to pay the pensions of scheme members. We've invested billions of pounds sustainably, across social housing, utilities and infrastructure including offshore wind frams and solar. These investments deliver value for pension scheme members and help the UK economy to grow.

Just has over 650,000 customers and has been trusted to manage more than £26 billion of customers' retirement savings and has helped customers release over £6.5 billion from their properties. Just provides a wide range of products, advice and professional services to individual customers, financial intermediaries, corporate clients and pension scheme trustees.

The companies within Just Group are authorised and regulated in the United Kingdom by the Financial Conduct Authority and / or the Prudential Regulation Authority.

About Aon

Aon plc(NYSE: AON) exists to shape decisions for the better - to protect and enrich the lives of people around the world. Our colleagues provide our clients in over 120 countries and sovereignties with advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business.

About Intersil

Intersil Corporation(NASDAQ:ISIL), a wholly owned subsidiary of Renesas Electronics Corporation, is a leading provider of innovative power management and precision analog solutions. The company's products form the building blocks of increasingly intelligent, mobile and power hungry electronics enabling advances in power management to improve efficiency and extend battery life. With a deep portfolio of intellectual property and a rich history of design and process innovation, Intersil is the trusted partner to leading companies in some of

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the world's largest markets, including the industrial and infrastructure, mobile computing, automotive and aerospace. For more information about Intersil, visit www.intersil.com